Zambia has signed a Memorandum of Understanding (MOU) with Canadian mining firm Ivanhoe Mines for in-country copper exploration and production. Ivanhoe Mines has also applied for an exploration license, with approval expected by the close of the year.
Under the agreement, Zambia’s Ministry of Mines and Minerals Development will share geological data on mineral-rich areas and guide Ivanhoe Mines through the licensing process. The MOU aligns with Zambia’s broader efforts to attract investors and ensure a stable and favorable fiscal and regulatory framework, with a view to unlocking its mineral resource potential and driving economic growth.
The agreement coincides with Zambia’s ongoing nationwide high-resolution aerial geophysical survey aimed at mapping national critical mineral resources. Zambia is targeting an increase in copper production from 768,000 tons in 2024 to 3 million tons by 2031, enhancing its position within the global market from the tenth-largest to second-largest copper producer.
“Over the past 20 years, our geologists have discovered over 50 million tons of copper under the western edge of the Central African Copperbelt in the Democratic Republic of the Congo,” stated Ivanhoe Mines’ Executive Co-Chairman Robert Friedland. “We are now entering Zambia, as well as Angola, where we have high conviction that new discoveries are waiting to be uncovered.”
